Paragon Release Innovative Refurb-to-Let Option for Landlords
Paragon have recently unveiled a new “Refurb-to-Let” product range tailored to landlords who are looking to modernise their properties. This innovative solution offers an alternative to traditional bridging loans and allows borrowers the convenience of applying for a Buy-to-Let mortgage simultaneously, streamlining the refinancing process.
Paragon defines these improvements as works that do not require planning permission or make any structural changes to the property. This product range is also suitable for minor HMO adaptations.
Key features of Paragon’s Refurb-to-Let Range
- Loan to Value (LTV): Available for purchases or remortgages up to 75% LTV.
- Mortgage Terms: Available with terms ranging from one to six months.
- Loan Amounts: Loans from £30,000 to £1 million.
- Repayment Options: Choose between rolled-up or serviced monthly interest payments.
- Seamless Transition: A single application for the Refurb-to-Let mortgage that converts to a traditional Paragon Buy-to-Let mortgage at the end of the term.
- Property Type: Suitable for single self-contained properties, HMOs and multi-unit blocks in England, Scotland and Wales.
Louisa Sedgwick, Commercial Director for Mortgages at Paragon Bank said: “We’re really excited to launch our new refurb-to-let proposition. Our refurb-to-let product is tailor-made for landlords looking to update their property, with a choice of rates and terms available, plus the ability to apply for a buy-to-let application at the same time
“Upgrades could focus on improving the sustainability of properties or making general improvements that result in a nicer living environment for tenants.”
The Importance of Expert Guidance
Obtaining a mortgage is a significant financial commitment and can be a complex process. It is crucial to seek a mortgage consultant’s advice to ensure you choose the right product that suits your specific needs and circumstances.
Our experienced mortgage consultants are ready to assist you with personalised guidance every step of the way. For an initial consultation, speak with our experts or call us at 01628 564631. We're here to help you navigate your mortgage journey with informed advice and care.
Take the first step towards securing your mortgage today.
The information contained within was correct at the time of publication but is subject to change.
Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage.
Most Buy-to-Let Mortgages are not regulated by the Financial Conduct Authority.
Source: Paragon Bank
